Financial Market Overview
11th December, 2017
MARKETS AT Noon:-
- Indian rupee remained higher against the dollar in afternoon trading, as banks sold the greenback and strength in local shares boosted expectations of capital inflows. However, state-run banks stepped up greenback purchases, limiting the rupee’s rise.
- The rupee was last seen at 64.3650 to a dollar against 64.45 at close in the previous session. The local currency had opened flat, extending gains to 64.34 to a dollar, its highest since Dec. 5. Most other Asian currencies were trading mixed against the dollar.
- The benchmark indices are holding the gains in the afternoon trade. The Sensex was up 86.45 points at 33336.75, and the Nifty was up 20.55 points at 10286.20. About 1381 shares have advanced, 1124 shares declined, and 130 shares are unchanged.
- Lupin, M&M, ITC, Coal India, Sun Pharma, Aurobindo Pharma, Coal India are top gainers on the Indices, while top losers include ONGC, HUL, NTPC, Asian Paints, ICICI Bank, Bharti Infratel and Tata Power.
- European markets are higher today with shares in Germany leading the region. The DAX is up 0.83% while London’s FTSE is up 0.50% and France’s FAC40 is up 0.28%.
- Asian markets finished broadly higher today with shares in Hong Kong leading the region. The Hang Seng is up 1.18% while China’s Shanghai Composite is up 0.98% and Japan’s Nikkei 225 is up 0.56%.
- The Dollar index was last trading down 0.2% as markets await the U.S. central bank’s two-day monetary policy starting tomorrow, where the authority is widely expected to increase key interest rates for a third time this year.
- However, investors will focus more on the pace of interest rates increases next year. A Reuters poll of economists showed most of them expect three more rate increases next year against an earlier forecast for two rate hikes. In June, the Fed had raised interest rates for the second time in three months.
- The Fed is also in the process of trimming its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities, which was built during the 2007-2009 financial crisis and global recession.
- The British Pound Sterling rose 0.1% against the greenback after Britain and the European Union reached an agreement on Friday that opened gates for talks on future trade ties, easing pressure on Prime Minister Theresa May and mitigating concerns of a hard Brexit.